Meta Platforms Inc., which owns Facebook and Instagram, slashed 11,000 jobs, or 13% of its workforce, in November — but that was only the beginning.
The metaverse-focused company intends to conduct another round of layoffs and could let go thousands of employees as early as this week, people familiar with the situation told Bloomberg.
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Meta has been trying to flatten its organization by offering buyout packages to managers and dismissing entire teams it views as nonessential three months into what CEO Mark Zuckerberg has been calling the company’s “year of efficiency.”
Naturally, morale among Meta employees has been low amid so much uncertainty. According to an internal company survey from October obtained by Vox’s Recode, just 28% of Meta employees had a favorable response about their optimism for the company.
Bloomberg‘s sources said the impending round of layoffs isn’t directly related to Zuckerberg’s flattening but has more to do with financial objectives. Directors and managers have been asked to make lists of employees who can be let go, the people revealed.
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Those layoffs could be finalized in the next week, ahead of Zuckerberg’s departure for parental leave for his third child, per Bloomberg.